$1.35 Billion In Losses Reported By Nevada's Major Casinos | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

$1.35 Billion In Losses Reported By Nevada's Major Casinos

Nevada's big casinos are on a losing streak. For the fifth straight year, the state's largest casinos are reporting net losses – in this case, a total of $1.35 billion in the most recent fiscal year. That's the news from a report released by the Nevada Gaming Control Board Friday, which focuses on casinos that gross at least $1 million in gaming revenue.

The most recent data showed 263 such casinos in the state, generating gaming revenue of $10.4 billion (up 1.1 percent) and total revenue of $23 billion.

As a group, the large casinos have not reported a profit since 2008, The Las Vegas Sun reports, citing a state official. We'll note that according to the Gaming Board, the casinos' fiscal year ends on June 30. So, the newly released numbers reflect data up to last summer.

"Statewide, slot machines accounted for 64.9 percent of the gaming win of $10.3 billion. Table games produced 31.7 percent of gaming revenues," The Sun reports. "Casinos on the Las Vegas Strip produced $15.5 billion in total revenues, with 37 percent coming from gaming. The net loss on the Strip was $1.4 billion, or 13 percent less than 2012."

Gambling accounted for 45.1 percent of total revenues, with the remainder coming from hotel rooms (20.8 percent), food (15 percent), drinks (7.2 percent), and other attractions.

The major casinos paid $804 million in state taxes and fees, equal to 7.7 percent of their gaming revenues, the board says.

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

NPR

Dressing Up As A T-Rex Is All Part Of The Job

Remember in Empire Strikes Back where Han Solo slices open the belly of a tauntaun so Luke can stay warm? That's not much different from how Eli Presser climbs into his T-Rex costume.
NPR

Plot To Poison Famed French Wine Makes For Gripping (Pinot) Noir

In Shadows in the Vineyard Maximillian Potter tells the true story of the legendary Romanée-Conti vineyard — and how it was held up for a 1 million euro ransom.
NPR

Congress Leaves Town Next Week, But Will Anyone Notice?

Next week is Congress's last before summer recess, which is often when a flurry of bills are pushed through Congress. This year, not so much, NPR's Ron Elving tells NPR's Scott Simon.
NPR

Tech Week: Industry Diversity, Digital Afterlives, Net Neutrality

The roundup: Twitter released a scorecard showing that its workforce is largely male and white. And what happens to our digital stuff after we log off for the last time?

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.